HFF Arranges Record Retail Deal on Rodeo Drive
- Jul 25, 2016
Los Angeles—HFF has closed the sale of an iconic retail asset on Beverly Hills’ posh Rodeo Drive. The Bijan building at 420 N. Rodeo Drive reportedly fetched a record price per square foot, significantly higher than the amount paid for the Chanel building down the road, which sold for $152 million—$13,217 per square foot—last December.
The property is fully occupied by Bijan, an upscale fashion house founded back in 1976. The brand has been operating at the site for more than four decades and is the longest-standing privately-owned designer house on Rodeo Drive. The building last changed hands back in 2008 for $661,500, according to real estate data provider Property Shark.
HFF had the exclusive rights to market the property on behalf of an undisclosed seller, and a confidential investor paid all cash to acquire the 5,095-square-foot asset. The HFF team that arranged the sale was led by Marc Schillinger, Bryan Ley and Bill Fishel.
“We are thrilled with the record pricing we were able to achieve on our client’s behalf,” said Schillinger in a statement. “By leveraging our national platform and dedicated expertise across our primary business lines – debt, investment sales and equity placement – we evaluated multiple options in an extraordinarily tight timeframe and, ultimately, delivered the best outcome for our client.”
Image via Google Street View